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Shriya opened a cumulative deposit scheme with a bank for 3 years. If the rate of interest is8% p.a. and the bank pays 1776 as interest at the time of maturity. Find the monthly deposit and the maturity value of the investment.?

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eginarrayl	extTotal time of investment left(t
ight)=3 	extyears\ 	extInterest rate left(r
ight)=8 \% 	extper annum\ 	extTotal interest recieved at maturity=1776\ 	extLet Total maturity value of investment=P\ 	extTotal Principal value=X\ 	extSince P-X=	extTotal interest recieved at maturityRightarrow P-X=1776     left(1
ight)\ P=Xleft(1+fracr100
ight)^tRightarrow P=Xleft(1+frac8100
ight)^3Rightarrow P=Xleft(1.08
ight)^3Rightarrow P=1.259X    left(2
ight)\ 	extFrom left(1
ight)\ 1.259X-X=1776Rightarrow X=frac17760.259Rightarrow X=6857.14\ P=1.259XRightarrow P=1.259	imes6857.14Rightarrow P=8633.14\ 	extMonthly deposit=fracX	extno. of month in 3 years=frac6857.1436=190.48 	extRupees\ 	extTotal maturity value of investment=P=8633.14 	extRupeesendarray

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Deependra Verma

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